Hong Kong Court Orders Liquidation Of China's Evergrande

With debts of more than $300 billion, Evergrande has become a symbol of China's property crisis, which has weighed on the economy (Credit: AFP)

A Hong Kong court on Monday issued the liquidation of battered Chinese property giant Evergrande after lawyers failed to convince a judge it had a working restructuring plan.

Once China's biggest developer, Evergrande has reported more than $300 billion in liabilities and its troubles have become a symbol of a years-long property crisis that has dealt a massive blow to the country's economy.